I'm curious as to what others do at their financial institution to meet the following ACH Audit requirements:
1) How are you confirming your bank is using R38 (Stop Payment on Source Document) and R52 (Stop Payment on Item) properly and how are you identifying this vs. just using R08 (payment stopped)? (RDFI) Section 8.3 J, second paragraph - Verify that the RDFI uses Return Reason Codes R38 (Stop Payment on Source Document) and R52 (Stop Payment on Item) properly. Verify that, for each RCK entry for which a stop payment has been placed on the item to which the RCK entry relates and for each ARC or BOC entry for which a stop payment order has been placed on the source document to which the ARC or BOC entry relates, the adjustment entry is received by the RDFI's ACH Operator by its deposit deadline for the adjustment entry to be made available to the ODFI no later than the opening of business on the banking day following the sixtieth calendar day following the Settlement Date of the original entry. (Article Eight, Subsection 8.7.3 and 8.7.4; Appendix Five)
2) How is your bank monitoring Originator entries relative to exposure limits across multiple settlement dates? (ODFI) Section 8.4 C – Verify that…for entries initiated by these Originators or Third-Party Senders to be monitored relative to the exposure limits across multiple settlement dates. (Article Two, Subsection 2.1.11)
Any input would be greatly appreciated! Thanks in advance.
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